Exam (elaborations)
BERMUDA REAL ESTATE FINAL EXAM
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BERMUDA REAL ESTATE FINAL EXAM
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BERMUDA REAL ESTATE FINAL EXAMReal estate is defined as:
a. Land
b. Improvements including fixtures
c. Land and every thing more or less permanently attached
d. None of the above - Answers- D. Land and every thing more or less permanently
attached
Unless limited by law, rights in real estate include the rights:
a. To use the surface of the property between boundaries defined in the deed
b. From the center of the earth to the surface
c. From the surface to 100 feet in the air
d. From the center of the earth to the highest of heavens - Answers- d. From the center
of the earth to the highest of heavens
The largest real estate in land is known as a:
a. Fee simple
b. Qualified fee
c. Determinable fee
d. Life estate - Answers- a. Fee simple
A fixture is considered to be:
a. Personal property
b. Real estate
c. Something easily removed from real estate
d. None of the above - Answers- b. Real estate
Ownership of real estate is often thought of as ownership of a(an):
a. Automobile
b. Bundle of rights
c. Life estate
d. Remainder - Answers- b. Bundle of rights
Tenants in an apartment building who have the right to occupy their units are said to
have:
a. Life estates
b. Reversionary estates
c. Estate in fee simple
d. Leasehold estates - Answers- d. Leasehold estates
,A tenant whose agreement with the landlord is verbal has a:
a. Tenancy at sufferance
b. Tenancy at will
c. Estate for years
d. All of the above - Answers- b. Tenancy at will
Giving opinions about the meaning of a provision in a lease is best done by the:
a. Buyer's agent
b. Listing licensee
c. Attorney representing the buyer
d. Buyer himself after reading the lease - Answers- c. Attorney representing the buyer
A licensee listing income property needs to understand the different types of leases to
explain to buyers:
a. How the leases can affect the value of property
b. That this affects the ability to remove the tenants
c. Why they should seek legal counsel to advise on the status of leases
d. All of the above - Answers- d. All of the above
The maximum security deposit a landlord can take on a residential property in Maine is:
a. 4% of the annual rent
b. An amount equal to two months rent
c. Two months rent plus a pet fee
d. Two months rent plus a pet fee plus a cleaning fee - Answers- b. An amount equal to
two months rent
A landlord may properly evict a tenant who is behind on his or her rent by:
a. Shutting off utilities
b. Changing the locks while the tenant is out of the building
c. Commencing a law suit
d. Any of the above - Answers- c. Commencing a law suit
By conveying real estate with a warranty deed, the grantor is guaranteeing the quality of
the title for:
a. The period of his/her ownership
b. The 40 years prior to the date of sale
c. Him/herself and all prior owners in the chain of title
d. The title insurance company - Answers- c. Him/herself and all prior owners in the
chain of title
Jay's driveway crosses his neighbor's property. This right is recorded in the registry of
deeds and will transfer to the new buyer when Jay sells his property. Jay has a(an):
a. License
b. Easement appurtenant
c. Easement by necessity
d. None of the above - Answers- b. Easement appurtenant
, One of the conditions necessary to support a claim of adverse possession is:
a. 20 years of uninterrupted use of another's land
b. Verbal permission only for the use of another's land
c. A broken chain of title
d. The lack of a recognized right of way to a landlocked parcel of real estate - Answers-
a. 20 years of uninterrupted use of another's land
A quitclaim deed with covenants provides guarantees about the title to real estate to the
buyer for:
a. The period of his/her ownership
b. The 40 years prior to the date of sale
c. Him/herself and all prior owners in the chain of title
d. No warranties from the grantor - Answers- a. The period of his/her ownership
A personal representative's deed usually provides:
a. The same warranties as a warranty deed
b. The same warranties as a quitclaim deed with covenants
c. Warranties for 40 years
d. No warranties - Answers- d. No warranties
A property owner in a small town in Southern Maine who is going to carve off and sell
three half-acre house lots from his property must get subdivision approval from:
a. LUPC
b. The DEP
c. The town planning board
d. All of the above - Answers- c. The town planning board
Air rights in real estate include the right to:
a. Put up a flag pole
b. Build a tall building
c. Trim branches from a neighbor's tree that are encroaching over the boundary
d. All of the above - Answers- d. All of the above
Which of the following programs provides tax relief to property owners?
a. Tree growth
b. Homestead
c. Open Space
d. All of the above - Answers- d. All of the above
Which of the following developments would likely need approval by the DEP under the
Site Location of Development law?
a. A 25-acre parcel divided into 5 lots for sale in 5 years in an industrial park
b. A 32-acre parcel divided into 25 house lots for sale in a 5 year period
c. A 4-acre parcel to be the site of a warehouse with 3.5 acres of paved parking
d. All of the above - Answers- d. All of the above
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